How do Closing Costs Work?
All residential real estate sales involves costs. Sellers and buyers almost always share these costs, as the sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Sky Apply Mortgage, Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Very soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. The closing costs enumerated in the LE are estimated based on Sky Apply Mortgage, Inc's experience with mortgage loans, but costs often change a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Sky Apply Mortgage, Inc, we answer questions about closing costs every day. Call us: 8132007931.